⦿ Midcap joins all other major indices (including Nifty, CNX500, Smallcap) in a confirmed downtrend. ⦿ Infra & FMCG are in a confirmed uptrend. ⦿ Auto & PSE are in an uptrend under pressure.
Momentum
⦿ Most indices have negative & worsening momentum. ⦿ PSE is the only index with positive (but worsening) momentum. ⦿ Energy, Power, Media & Pharma have negative but improving momentum.
Swing
⦿ Both Nifty & Smallcap are in a confirmed downswing. Both are also in a weekly downswing. Swing Confidence is 0. ⦿ PSE is the only index in a weekly upswing (under strain). ⦿ Rest of the indices are in a weekly downswing.
Breadth
⦿ Market breadth further worsens from last week. ⦿ All timeframes are below the 50% mark, but still just nearly oversold. ⦿ Higher timeframes stay bearish. Bulls would love to see the 10-week MA crossover the 40-week MA, as a signal of strength.
Bias
Currently, the bias is bearish.
⦿ NIFTY is below its 50-day MA
⦿ Net New Highs stay negative for 3-consecutive days.
Relative Strength (MARS)
⦿ No index showing absolute outperformance against NIFTY.
⦿ Top 3 indices showing relative outperformance: CNXPSE, FMCG, Infra
That’s all for this week. If you'd like to know when I publish something new, just subscribe to my newsletter and you'll get the latest sent direct to you.
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